MANITOWOC, Wis., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT capabilities, ongoing system maintenance and program management. Orion today announced it has secured a new contract extension totaling approximately $40 million for the turnkey LED lighting and controls retrofit of 290 additional locations for an existing large national retail customer.
Orion currently expects to recognize product and service revenue from the additional locations starting in the fourth quarter of Fiscal 2021 through the third quarter of Fiscal 2022. This estimated timing is subject to uncertainty related to the COVID-19 pandemic and related business and other economic impacts. Following completion of these added locations, Orion will have completed LED lighting and controls retrofits at approximately 1,570 of this customer’s locations nationwide.
The turnkey retrofit projects include the installation of LED lighting fixtures along with state-of-the-art IoT control integration, to deliver enhanced functionality and data gathering capabilities designed to help facility managers enhance operating performance. Contract services include initial energy audits, project engineering, custom fixture design, fixture manufacturing, IoT enabled control systems, IoT system commissioning and full project management through installation at customer locations nationwide.
Mike Altschaefl, Orion’s CEO and Board Chair, commented, “These contract extensions demonstrate the expanding relationship and trust that we have developed with this national retail customer. It’s more than just delivering exceptional service, value and return on investment with our turnkey customized, energy-efficient, lighting systems and IoT solutions integration. We have also consistently completed projects throughout this extensive project on-time and on-budget, to the customer’s satisfaction. We believe our commitment to delivering high-quality, industry leading products and outstanding customer service is an excellent formula for building long-term customer relationships and success for our company.”
About Orion Energy Systems
Orion is a provider of LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT solutions, ongoing system maintenance and program management, helping customers to digitize their business and reduce their carbon footprint.
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Investor Relations Contacts:
Per Brodin, CFO
William Jones; David Collins
Orion Energy Systems, Inc.